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, round two is in a couple of months when congress has to raise the debt ceiling to keep the country from default. trace? >>trace: thank you, wendell, from the white house. joining us now is columnist for the congressional newspaper "the hill." i have to go on what wendell says, if you are speaker boehner and you walk to the house of representatives members and say there is kind of a deal but no spending cuts. how does that fly? >>reporter: that is the problem. what you see are words of hope from the republican leader on the senate side how we are very close to what has to be fixed, the tax rates. he is trying to put a positive spin on that. we knew they would be fixed. the worry all along was, were we going to see a replacement for the draconian sequestration cuts everyone hated on both sides of the aisle for 17 months. here we are, in the final stretch, the 11th hour, surprise, both have given on the tax issue because neither could stand to go over the fiscal cliff, the tax cliff but that is giving of money, medicare fix, an alternative minimum tax patch, and more unemployment insurance
ceiling. that's a fight congress is going to have in january and february. >> nancy cordes thank you. more than $100 billion in required spending cuts would also kick in if there's no deal. at the white house, major garrett says the obama administration is getting ready for those across the board cuts. major, what exactly is the white house doing to prepare? >> reporter: good morning, norah and anthony. the obama administration is in the final stages of delivering layoff notices it will deliver to federal agencies across the government, this to comply with across the board spending cuts 6% to 7% that are required in the so-called fiscal cliff. agencies will decide which employees to lay off and when. as part of these preparations, the administration also has notices it will soon deliver to delay or cancel federal government contracts. as for negotiations themselves it is a bit of a team effort here at the white house. president obama is dealing directly and spoke frequently sunday with the senate majority leader harry reid while vice president joe biden spoke freque
to force action. otherwise congress would never get it done. that is speaker boehner's leverage with the debt ceiling. so i think we could do a lot better with the type of people that we're electing to congress, moving away from the extremes and bringing more centrists who can work together. i could give you a long speech about that when you combine those two things, you don't get a great work product. adam: congressman jason altmire, you mentioned harmonic convergence that happens in south florida. you're going to blue cross-blue shield up in tallahassee. you won't get that there. all the best to you, sir. congratulations on your service in congress. wish awe happy new year. >> happy new year, thank you. adam: so we'll get the republican take from senator john barrasso just a lit later in the program. he is kook discussing right now with other members of the republican caucus in the senate. they're talking about all of this. obviously the final physical cliff deal affects everybody, every aspect of our money, the markets, the economy. some say no matter what the damage has been
. if you thought the fiscal cliff snuck up on congress, the debt ceiling bill that triggered this to begin with was signed into law in 2011. we have known from that day forward this day would be upon us if nothing was done. and everyone in congress has known all along what it would take to avert the blanket tax hikes and spending cuts that are mandated to start in the new year. how much time is that, by the way? 517 days, or you can call it one year, four months and 29 days, or 73 weeks or 12,408 hours. you get the point. your political leader is engrossed in a colossal waste of time. the tax cuts were enacted for ten years starting in 2001 and then extended in 2010 for another two years, so we have had exactly 12 years notice on that front. this should not be happening. even with all that time, the best hope we are left with is a puny tiny partial deal that averts tax hikes for the majority of taxpayers. the sequester, which is a stupid name for a stupid thing, which results in mandatory cuts that nobody wants, looks like the decision will be kicked down the road to be dealt with at anoth
week from treasury secretary that we could hit our debt ceiling on tuesday. the perfect storm fiscal cliff debt ceiling. what is the debt ceiling? >> we are only allowed to borrow so much without asking congress. every time the president wants more money you have to go to congress to ask for more money. you have to have the people elected approve spending increases. 16 trillion in debt we are bumping our head on the debt ceiling right this menu. when you look at how much we are spending we are similar to spain and greece. it is not a pretty scenario. >> tell me this what happens when we judge up against it? >> everybody starts wondering when we are going to raise the debt ceiling. there's a debate because they don't like to. then you have all of wall street looking at this wondering if we will be able to pay our bills. you remember what happened last time around the market sold off 2,000 points over the 2 month period. it was dramatic and hurt people's 401 k's. if you can't pay your bills you get a downgrade. >> again. >> it's not going to be good news. you know what happens you can'
is going to perhaps stabilize a little bit. and then when they get a wif of the debt ceiling, it will be up and down again. >> thank you, chris. >> when we come back, it was one of the most dysfunctional congress ever. certainly the most unpopular. you're watching msnbc. the place for politics. this reduced sodium soup says it may help lower cholesterol, how does it work? you just have to eat it as part of your heart healthy diet. step 1. eat the soup. all those veggies and beans, that's what may help lower your cholesterol and -- well that's easy [ male announcer ] progresso. you gotta taste this soup. >>> welcome back to msnbc's special coverage of the breaking news from washington. if you're just joining us, we can report that there will be no vote in the house tonight. there's no bill for the house to vote on. it's still another chapter in the story of the do-nothing 112th congress. over the past few years, the number of bills passed has actually gone down. 460 in the 110th, 383 in the 111th. in this current 112th congress, just 219 bills. the lowest since they've been keeping records.
. >> congressman rangel, this confidence in government question, why should americans be confident in congress, in you, when we have been down this road before in the debt ceiling fight of a year and a half ago and it is totally dysfunctional. we cannot get a deal or a compromise. it is one cliff after another. >>guest: come on now, we are bringing good news we are already there and you are saying "what if." you are probably right. these are problems we will have to face. >> you think we are almost there but senator john mccain is throwing up his hands. >>guest: senator john mccain and i are in the same position, outside of the loop. we are not involved in the negotiations. we had some good news just a few minutes ago that we probably are close to resolution, a temporary resolution of the problem. this is not the time for us to be complaining about problems that are going to be down the road. but a temporary resolution is like the banned phrase. we can we just put the period on this and move on? we need a grand bargain. >>guest: we all want a grand bargain but the people at the stock market ar
if they get something done by midnight or the first two days of the few congress, we've got a bigger discussion that's looming, and that's on the debt ceiling. so you're going to see the republicans, they're going to cave just to keep the tax increases from going up. but they're going to hold that over the democrats' heads when it comes to the debt ceiling. liz: keith, tell the traders from all of us at fox business we wish you a happy new year. >> will do, and the same to you all. liz: thank you very much. a bit of a breaking angle here that not a lot of people are talking about, and it was only until michael woolfolk jumped up on here, he said, liz, watch out. if washington is unable to come up with a deal or comes up with a deal that the ratings agencies don't like and we get downgraded, the u.s. credit rating gets downgraded, this could be a real problem. but right now the greenback is the flight to quality. let's get to michael right now, it's a fox business exclusive. you and i were just talking in the commercial break, and you said watch out. s&p already downgraded the u.s. a
% more spy stuff. what's in your wallet? this car is too small. >>> while congress has been arguing over the fiscal cliff, the next big battle has already arrived. treasury secretary tim geithner says government borrowing hits the debt ceiling today. with me now, former new hampshire republican senator judd gregg. he's currently co-chairman of the campaign to fix the debt. senator, let's -- i want to start 50,000 feet, and we'll move down closer to ground level, but as a former member of the senate, we've now had two grand bargains, one around the debt ceiling, one around the fiscal cliff, seemingly, well, on the debt ceiling definitely, and on this one, seemingly fall apart. now that you're on the outside, are people right to be skeptical that congress can do anything? i hesitate to say big. even medium in terms of addressing our debt and spending problems? >> oh, they're absolutely correct in being skeptical, but congress can act. it has acted in the past. regrettably, it usually acts in crisis. for example, during the financial meltdown, when the entire banking system of our nation wo
ceiling that has to be dealt with. the perception is going to be out there that congress is a mess. >> ideally you would have wanted weeks ago when speaker boehner and president obama came so very close to that grand bargain that the fiscal cliff, which is part of that $700 billion being pulled out of the economy would have been part of that overall agreement. it's not. this is not kicking the can down the road if and only if they first get the $200 billion, that is all the debt reduction we can afford this coming year and then do the grand bargain and that doesn't have to be completed until near the end of february. that's when we approach the real debt ceiling with the treasury department no longer moving around money. this has to be a one, two step process. if we do not get to the second step, however, you're spot on. this means that our policy makers don't have the political will to do what's right and that is where all credit agencies will downgrade u.s. treasury bonds and that begins the ex-orable slide down to a very sluggish economy and maybe in the longer term losing our s
the debt ceiling that sparked all of this in the first place. it caused congress to write this budget control act saying if we don't get a budget deal to get our debt and deficits under control and agree on a budget for this country, then we're going to have this sequester with all of these automatic spending cuts and tax hikes. so the debt ceiling is $16.4 trillion. this is how much the american government can legally borrow and add to a national debt without any more congressional aproouc approv approval. congress has to approve if we keep racking up the debt. we're going to hit that as soon as today according to the treasury secretary. congress will have to come back to the drawing table again and say, we will raise the debt ceiling if we show how we're going to get our spending under control, and you have another fight ala the sequester and all this again. the debt ceiling and the fiscal cliff are two things wrapped into one, which is so important. if you don't deal with the debt ceiling and push the sequester off again and again, you'll keep having these sort of fiscal cliffesque
term, it gives a real blow to consumer confidence. and we saw after the debt ceiling showdown last year that that can be really damaging to the economy, even if congress does wrap up in the new year and turn around and pass something retroactively. >> okay, so, we have, and we're going to look at how we got here, but we have a lot of people who are coming on the set or coming on the show and just shaking their head with washington. they just can't -- it's like this -- it's stupid! it's completely stupid that we're sitting here talking about a deal that's not going to happen or a deal that could be withered down into something that puts off a deal, that just holds things off, because wasn't the deadline to actually avoid doing just that? wasn't it? >> sure. >> it all started about a decade ago with the $1.5 trillion bush tax cuts. republicans wanted to make them permanent, but a 2006 bill gave the cuts an expiration date. they were supposed to expire. the cuts were set to end in 2010, just as the country was recovering from the worst economic collapse since the great depression. though m
. we are going to go over the cliff, but congress is going to try to fix that in the next few days. he promised more spending cuts will come. remember, republicans do have the debt ceiling coming to. they have to approve an increase in the debt ceiling, probably by late february or early march, and that will be their leverage, they say. gerri: a perfect storm. thank you for telling his about it, coming on. good luck over this next 44 hours. it will be intense. meanwhile, as a nation we continue to change our way forward work toward another recession. without a deal u.s. gdp expected to take a serious hit. our unemployment rate expected to skyrocket, but even with the deal some say the u.s. economy may fall. i am joined now by an economics professor for the university of maryland. welcome back to the show. i know you get pulled on this all the time by different groups. what are you expecting out of the economy? what do you say? with the deal what happens to the economy? without a deal what happens? >> some kind of deal, the economy continues to grow very slowly. we are doing all this sp
the bush tax cuts for the middle class but leave a hoet of other issues unresolved. if congress does reach a small deal on taxes before the fiscal cliff deadlines up, their next fight over the dead ceiling will be queued up and ready to go. whether or not we go over the fiscal cliff tomorrow night, a political stand-off over the debt ceiling is imminent. joining us sort through all of this current and future fiscal crises is ezra klein. at "the washington post" as well as columnist for bloomberg view. thanks for joining us. you addressed the issue of what happens next, i saw you on rachel's show friday. your theory are it's key to how the fiscal cliff plays out. explain. >> there's a significant difference of opinion in the political ramification of what happens if we go over and it comes down debt ceiling. if we go over the fiscal cliff they have all of the leverage because we'll go into the debt ceiling and it will be just like 2011 again. they'll say we're not going to raise the debt ceiling unless you cut entitlements, barack obama will say no and terrified of consequences of national
to be around the debt ceiling, and the image i want is not a bunch of people behind the president who are clapping for him, but members of congress, republicans and democrats behind the president clapping for the president because he signed a bill that will save all of us from a certain fate. and our fate is being sealed as i talk unless we make changes. we cannot survive on the course we're taking today. the good news is with some bipartisanship and presidential leadership, we still have time to turn around this country and actually dominate the 21st century. it's going to take some pain, it's going to take some sacrifice, but one final story. when i was 21, my mom died. when i was 22, my dad died 15 months later. we were in -- my family owned a liquor store, a restaurant and a pool room, and everybody i know about politics i learned in the pool room. my sister was 13. we had my uncle take over the businesses. he left the textile industry to run the businesses. we moved in with my aunt and uncle. they never made over $25,000, $30,000 in their entire life. if it weren't for social sec
the worst? that is, congress has always been somewhat dysfunctional and a compromise comes hard, or are we in a worse place now than we have been? i just think about the debt ceiling. we're going to get a grand bargain on debt and spending like this. that doesn't look to be the case. we're going to get a patch that gets us at some distance down the road. can congress do beg or even medium things anymore, and is that a new trend or not? >> well, it's a culmination of a trend, obviously, that's been taking place for a generation. the answer seems to be no that given the current climate in washington, dwichb the idealogical complexion within both parties, there's really not the incentive for a grand bargain. in the absence of that, what you have is apparently deadline improvization to just get past this crisis, but do no more than get past the crisis. >> although people say they want this grand bargain, but you say what about we do this and this and this. maybe people want small. i want to talk about most people come out of this -- most people who are involved probably come out of this not lo
in the house, debt ceiling is not incree. republicans say they can use that to extract more spending cuts as the new congress takes over later this week. back to you. shibani: perhaps a little ambitious to tackle that. rich, i want to ask you very quickly. we don't have any indication i didn't hear you say anything about the farm bill. effect in milk would affect everyone, eight dollar a gallon. anything on that, or emergency dollars for sandy victims as well? >> there is still discussion on the house side of dealing with the sandy bill. there was negotiations in meetings last night with the members of the new york and new jersey delegation specifically related to sandy and number of difficult farm committees and farm state representatives have been discussing with republican leadership how they get that done as well. all the parts are moving here on capitol hill. when it comes to the fiscal cliff negotiations everything is extremely fluid. the deal is a tentative frame work. they're still working out details. shibani: got it. still very much anything can happen. thanks a lot. >> all righ
enemy right now is the u.s. congress. and when you hear you talk about the debt ceiling and the dollar for dollar trade you're talking about the president said he doesn't want to go there, i get very worried that if you really didn't like the fiscal cliff's impact on the economy, boy you're really going to hate this next dust-up over the debt ceiling. i mean, i just don't see why this economic recovery has to go through that. is there anything you can tell us to make us feel better about that potential fight out there? >> the futures suddenly, i don't know, maybe they'll hear things first but they're only down 20 points now. they were down 80 or 85. so -- >> look. >> maybe it's you. >> i do think something is going to happen. i think it probably happens today. so i think this little thing we're dealing with now which candidly is inconsequential as it relates to dealing with our deficit. it's very consequential to people paying taxes. but, no the debt ceiling, that's why, jared, i've gotten out way in advance, and that is to say, look, let's pass a bill now. let's don't wait until march
to kind of fudge this. it's not like the debt ceiling where the u.s. defaults. this is something where if you go over the cliff, it builds more pressure for congress to do something. but that is not a whole lot of confidence for folks who feel like congress can't get their act together. >> we'll stay on top of this with you, brow anna. joining us is one of the people who will vote on that deal. con man jason chaf fwnch etz, a republican from utah. and a member of the oversight committee. thank you for being with us. what do you think is happening today? >> good morning, happy new year. let's make sure we use your morning voices, because we wouldn't want the senate to get up too early. they'll reconvene at 11:00. let's be careful here. the ball is in the senate's court. the house of representatives did its job. we passed a bill on august 1st. it extended out every one of the rates and if the president and senate don't like it, it is their responsibility to make an amendment, make the change, have a vote and send it back over to us, we have done our jobs. >> you think you will be voting
and two months into the debt ceiling is negotiated the economic growth that we have experienced about 3% of the last quarter will be what have to about one. >> congress is really just getting what they kind of asked for. you will not be able to deal or come with it arrangement to cut spending and raise taxes, we will do it for you automatically. here the we are and they have not come up with anything. is there any hope of the deal getting done in the next week or two? >> i believe the deal will be done later today. the senate will pick it up in the house will vote on it tomorrow. the wild card is what is the house going to do? they ping-pong back and forth with the senate. this could drag out and you cannot go beyond tomorrow. comes in january 3rd. everyone your negotiating with is gone and the new people come in and say why should i be voting on this turkey. i want a new crack at it and did you have the potential for dragging it out a week or two weeks or even more. that's when things start to get serious. >> also a public republican leader in the house is down >> this is the cynical p
fiscal reform agreement with congress and avert the fiscal cliff. unfortunately, you have been silent on the specifics as we move forward with wrestling with the nation's fiscal crisis, especially the debt ceiling. it would help us to have a concrete plan and language from you, that again a quote. >> dave: and help you if we put it up on the screen. >> clayton: that's from senator bob corker wanting to know more specific about these so-called entitlement changes. >> dave: if you want more sticking point, the "washington post" reports the democrats are willing to go to $450,000 for a couple. and from what i have heard from those close to the situation, republicans are at $550,000 and up for a threshold. so if that's the one sticking point, it's only $100,000 apart. but to juliet's part, there is much more than that. we asked donald trump about would he be willing to accept higher taxes on the wealthy. he said yes if it's something that will grow the economy, if it's a great deal. >> do i mind if my taxes go up somewhat? will it affect me? what i want to see is an overall deal. if they
, and i believe that that pressure will serve as a catalyst for congress to come up with and pass better alternatives. also, we must address the debt ceiling, and it must be addressed in a way that reduces spending. we have no choice. we're borrowing 40 cents of every dollar that we spend, and that is simply not sustainable. but again, we have got to break the current logjam, and if we can't get all of these things done in one package, then let's get started with what we can do. let's get this tax piece done for as many working taxpayers as possible and immediately move on to the next task. quite simply, that is what americans want us to do. with that, madam president, i yield the floor and note the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: quorum call: a senator: madam president? the presiding officer: the senator from michigan. ms. stabenow: i would ask suspension of the quorum call. the presiding officer: without objection. ms. stabenow: i ask unanimous consent that morning business be extended until 9:00 p.m. with all other provisions rema
Search Results 0 to 22 of about 23 (some duplicates have been removed)